Refinancing can suck...

[David_3033]

I was trying to refinance my home earlier this year in May. The rates were / are so low that I figured I could get a refi and save on my monthly payment a little. My rate now isn't bad (4.5%) with a 30 year VA loan. The reason I even started looking at refinance was because my home owner insurance increase $200/ year. I asked them why the huge increase and they said due to so many claims in my area blah, blah, blah. I am currently with Armed Forces Insurance afi.org is anyone is interested and they have been good to me so far. Crazy thing is even with their increase I still can't find anyone cheaper to insure with even USAA is far away on the price. Alright back to the refi. So I looked online and did a quote with some random refi searcher thing. Wow was that a mistake. I got my phone blown up for nearly two months I still get a call here and there about it. But during this I was contacted by a company called www.lowvarates.com (http://www.lowvarates.com). They told me everything that I wanted to hear to get me moving forward. They would close within like 3 weeks, the closing costs would only be around $1,300-1,600. That is what I was interested in the low closing cost so when I go to resell here in a couple years I don't have this huge amount tacked onto my loan. When I get the initial quote back I was super excited about it. The numbers were basically right along with what he told me over the phone, actually around $2000 so a little more. So I proceeded wasting my time filling out all this paperwork for the refinance. It took forever for him to finally lock in my rate after I acted immediately sending in my paperwork. So after weeks go by I finally get an email with the initial disclosure documents. Here is where I first start getting pissed. The numbers were no where near what we had talked about now the closing is up around $4,000. I asked him to explain and why the numbers have increased so much. He told me just sign the paperwork so he could get them to underwriting. He said that most the numbers would go down and they can adjust some of them to what he originally quoted. That the numbers weren't final and the cost were over estimated. So I said what the hell and listened and signed this huge packet of crap and sent it in. This last weekend I get the final paperwork that they are suppose to bring to the closing table and it's total closing are now around $6,000! Remember I started this process in May. I was pissed and they wanted to close immediately within like 3 days of me getting that shit. I told him hell no I am not going to add an additional $6,000 dollars on my loan. He quickly responses back with "Ok, yea unfortunately rates have gone up along with pricing. I will cancel the loan and good luck in the future." What a quick goodbye go fuck yourself response from a company. I wouldn't suggest anyone trying to use this site for a refinance that for sure. They talked all this big game on the phone then nothing they said was true. I wasted my time and now the rates of refinances have gone up. But the silver lining is that I don't know if I even should refinance now. Because if I intend to possibly sell in a year or two it's probably not worth it anyways. I think that I will now just not refinance and tough up the increase of my insurance.

[David_3033]

Why is this text box not allowing me to use the "ENTER" button to put these long posts into separate paragraphs? :confused:

[CrzyChinook]

yeah refinancing can be a big pain in the ass... the house i had in Savannah i refinanced to save on monthly.. ended adding more to the loan and then they started selling the mortgage every three months..(fine print).. hated that shit.. in the end unless its a huge rate drop i wouldnt bother.. more trouble than its worth

[jxspyder]

Why is this text box not allowing me to use the "ENTER" button to put these long posts into separate paragraphs? :confused:

Hold shift.

Sent from the muddy banks of the Wishkaw

[NwG_SnakeEyes]

Yea that whole experience sucks. Had somewhat similar experience a couple years ago when were refinancing. I threw such a huge fit though they actually met my demands.

[David_3033]

I think they were hoping I would just bend over and sign without complain. The manger tried to email me and find out why I backed out. Did I get an explanation from him, nope.

[David_3033]

Hold shift.

Sent from the muddy banks of the Wishkaw
Thanks, but that's not working either. :doh: I have tried this on several computers and I still have the same issue with it... :frusty:

[A1000YrdStare03]

Thanks, but that's not working either. :doh: I have tried this on several computers and I still have the same issue with it... :frusty:

Yeah, dbg don't refinance if you plan to sell your property within the next 5 years. You actually lose money that way because you will commit to big closing costs, plus pay mostly interest and less principle which will hurt when you sell.
When my insurance went up I just raises my deductible to $1000 or even $2500. Most people don't claim small issues anyway and only have the insurance for disasters like hurricanes etc. that will lower your insurance premium drastically.


Sent from my iPhone using Tapatalk 2

[WHIT3C3LL]

I was trying to refinance my home earlier this year in May. The rates were / are so low that I figured I could get a refi and save on my monthly payment a little. My rate now isn't bad (4.5%) with a 30 year VA loan. The reason I even started looking at refinance was because my home owner insurance increase $200/ year. I asked them why the huge increase and they said due to so many claims in my area blah, blah, blah. I am currently with Armed Forces Insurance afi.org is anyone is interested and they have been good to me so far. Crazy thing is even with their increase I still can't find anyone cheaper to insure with even USAA is far away on the price. Alright back to the refi. So I looked online and did a quote with some random refi searcher thing. Wow was that a mistake. I got my phone blown up for nearly two months I still get a call here and there about it. But during this I was contacted by a company called www.lowvarates.com (http://www.lowvarates.com). They told me everything that I wanted to hear to get me moving forward. They would close within like 3 weeks, the closing costs would only be around $1,300-1,600. That is what I was interested in the low closing cost so when I go to resell here in a couple years I don't have this huge amount tacked onto my loan. When I get the initial quote back I was super excited about it. The numbers were basically right along with what he told me over the phone, actually around $2000 so a little more. So I proceeded wasting my time filling out all this paperwork for the refinance. It took forever for him to finally lock in my rate after I acted immediately sending in my paperwork. So after weeks go by I finally get an email with the initial disclosure documents. Here is where I first start getting pissed. The numbers were no where near what we had talked about now the closing is up around $4,000. I asked him to explain and why the numbers have increased so much. He told me just sign the paperwork so he could get them to underwriting. He said that most the numbers would go down and they can adjust some of them to what he originally quoted. That the numbers weren't final and the cost were over estimated. So I said what the hell and listened and signed this huge packet of crap and sent it in. This last weekend I get the final paperwork that they are suppose to bring to the closing table and it's total closing are now around $6,000! Remember I started this process in May. I was pissed and they wanted to close immediately within like 3 days of me getting that shit. I told him hell no I am not going to add an additional $6,000 dollars on my loan. He quickly responses back with "Ok, yea unfortunately rates have gone up along with pricing. I will cancel the loan and good luck in the future." What a quick goodbye go fuck yourself response from a company. I wouldn't suggest anyone trying to use this site for a refinance that for sure. They talked all this big game on the phone then nothing they said was true. I wasted my time and now the rates of refinances have gone up. But the silver lining is that I don't know if I even should refinance now. Because if I intend to possibly sell in a year or two it's probably not worth it anyways. I think that I will now just not refinance and tough up the increase of my insurance.

I've heard that the va loans suck was told rates are about 3x higher than a regular bank

[GhostOverride]

I've heard that the va loans suck was told rates are about 3x higher than a regular bank

I don't know much about the VA loan, I know someone who used it for the purchase of his first home, but seeing as how I'm not looking to buy a house anytime soon I'm pretty ignorant on the process. Mike!....where's Mike....he knows all of this stuff

[Shadowdawn]

I am considering looking into va loans. Personal xp is much appreciated.

[NwG_SnakeEyes]

I don't know much about the VA loan, I know someone who used it for the purchase of his first home, but seeing as how I'm not looking to buy a house anytime soon I'm pretty ignorant on the process. Mike!....where's Mike....he knows all of this stuff

I used the VA loan when we bought my house and I got a great rate 3.5 I think and I don't have great credit ok but not great.

[BigFreeze99]

I don't know much about the VA loan, I know someone who used it for the purchase of his first home, but seeing as how I'm not looking to buy a house anytime soon I'm pretty ignorant on the process. Mike!....where's Mike....he knows all of this stuff

Geez, I have been too (self) involved lately and haven't read this post. I will get some links up from our Vets Info thread here soon... I wanted to address the 'return' function for making a paragraph....lol
Hit the compatibility icon up in your address bar at the top of the page and then try it... I tried Chrome and the 'Hold your Shift' thingy and it didn't work either. But the Compatibility icon did the trick... I am using windows and one of the updates not too long ago caused this for me too.... I will get the VA referenced reposted here soon...


Mike

[BigFreeze99]

http://www.benefits.va.gov/HOMELOANS/index.asp?expandable=0

Try here ^... this is straight form the VA website. On the left menu you will find sub categories. I will look over the Military.com link again, but it tends to promote private advertising on their site. It is still a viable source of info. If all else fails and you need to talk to a live person.... call 1-900-WHAAAAA... just kidding... call 1-800-827-1000... it will be a automated VA site... first question will be 'press any key to continue'... next it will go into a huge phone tree... don't even wait for the whole list... just press '0' repeatedly until you hear something like 'we can not connect you to that particular office' 'please stand by for an operator'.... Now you will talk to someone live. You may also hear of the predicted wait time. Mondays are the worst day to call.


Mike

[David_3033]

Geez, I have been too (self) involved lately and haven't read this post. I will get some links up from our Vets Info thread here soon... I wanted to address the 'return' function for making a paragraph....lol
Hit the compatibility icon up in your address bar at the top of the page and then try it... I tried Chrome and the 'Hold your Shift' thingy and it didn't work either. But the Compatibility icon did the trick... I am using windows and one of the updates not too long ago caused this for me too.... I will get the VA referenced reposted here soon...


Mike

That you so much that totally fixed the problem! :D
I
can
hit
return
all
day
long
now!!!
Yay!!!

[BigFreeze99]

http://www.benefits.va.gov/HOMELOANS/index.asp?expandable=0

Try here ^... this is straight form the VA website. On the left menu you will find sub categories. I will look over the Military.com link again, but it tends to promote private advertising on their site. It is still a viable source of info. If all else fails and you need to talk to a live person.... call 1-900-WHAAAAA... just kidding... call 1-800-827-1000... it will be a automated VA site... first question will be 'press any key to continue'... next it will go into a huge phone tree... don't even wait for the whole list... just press '0' repeatedly until you hear something like 'we can not connect you to that particular office' 'please stand by for an operator'.... Now you will talk to someone live. You may also hear of the predicted wait time. Mondays are the worst day to call.


Mike

Here is the other link I talked about (Military.com)... http://www.military.com/money/va-loans (http://www.military.com/money/va-loans)
Semper-Fi
Mike

[GhostOverride]

Thanks Mike, I knew you had something....awesome

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[River_Rat_459]

Goof stuff as always Mike. Thanks for posting!

Sent from my Atari 2600 using the paddle controller.